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Quadrant-backed Virtus Health looks to raise up to A$300m via IPO

29 Apr 2013

OLYMPUS DIGITAL CAMERAPrivate equity-backed in-vitro fertilization (IVF) specialist Virtus Health has reportedly launched an initial public offering of up to A$300m ($309m).

Virtus is looking to sell between 51.3m and 53.7m shares at a price of A$4.92 to A$5.68 per share on June 11, said IFR. The offering could value it at A$682m ($712m).

The company’s private equity owner Quadrant Private Equity could fully exit its 43 stake via the IPO or keep n interest of up to 10 per cent.

Morgan Stanley and UBS will act as bookrunners for the IPO.

Virtus currently holds a third of the market for in-vitro fertilisation, a market that is considered hard to enter.

The company owns 34 fertility clinics, six day hospitals and 39 laboratories across Australia.

Virtus is expected to post an EBITDA of $60m this year, up from more than A$50m in 2012, according to Deal Journal Australia.

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